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Today's Shanghai copper diving, bottomed out, and closed at 65920, down 1180, or 1.
76%.
The dollar index has remained strong recently, Powell said that there will be some inflationary pressure in the coming period, but it is not enough to stimulate the Fed to raise interest rates, market confidence has been hit, coupled with weak downstream consumption after the holiday, Shanghai copper short-term rise is weak
.
Pay attention to the stabilization of 66,000 at night, and operationally suggest that the cargo merchant can ship appropriately, and the downstream just needs to prepare the goods, mainly wait and see
.
On the macro front, after Fed Chairman Jerome Powell's speech at night, market panic intensified, U.
S.
Treasury yields rose to one-year highs, U.
S.
stocks extended declines, and U.
S.
stocks hit a five-week low; Inflation expectations reached a new intraday high, the dollar continued to strengthen, touching 91.
67 at one point, hitting a new high in more than three months, copper continued to be weak, and fell sharply overnight
.
On the supply side, the supply and demand between mine and smelting is still in a tight pattern, and TC is still declining
.
On the demand side, the continuous rise in copper prices has formed a certain inhibition on downstream consumption, and the spot premium has declined, and most of them have just needed to purchase
.
Domestic spot stocks were 263,200 tons, an increase of 98,100 tons from before the holiday, and the seasonal accumulation range was slightly lower than the level of
the previous two years.
At present, the downstream fear of heights is obvious, and the downstream is facing the double pressure
of orders and funds.
In the absence of macro benefits beyond expectations, copper prices will continue to adjust
in the short term.
